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Fox Business Network Sues Treasury Department

Fox Business Network has filed a lawsuit against the U.S. Treasury Department for failing to provide information on the bailout funds or respond to the company's expedited requests filed under the Freedom of Information Act.

The initial request, filed Nov. 25, sought data on the use of the bailout funds for American International Group and the Bank of New York Mellon. Another request, filed on Dec. 1, sought similar data on the bailout funds for Citigroup.

FBN wanted the Treasury Department to identify, among other issues, the troubled assets purchased, any collateral extended, and any restrictions placed on these financial institutions for their participation in this program.

“The Treasury has repeatedly ignored our requests for information on how the government is allocating money to these troubled institutions," Kevin Magee, executive vice president of Fox News, said in a press release. "In a critical time like this amidst mounting corruptions and an economic crisis, we as a news organization feel it’s more important than ever to hold the government accountable.”

FNB filed a complaint in the Federal Court in New York, asking the Court to make the Treasury provide the information requested.

--Kim Hart

By Kim Hart  |  December 18, 2008; 4:04 PM ET
Categories:  The Ticker  
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this is very similar to Bloomberg News going after the Fed for information on the $8.5 trillion in bailouts and guarantees that the Fed has extended to Wall Street using taxpayer dollars. of course the Fed is refusing to comply citing "trade secrets." this will be a major test of the Obama Administration's transparency (or lack thereof). my prediction is that Obama will be just as opaque as Bush/Cheney/Paulson.

for details, just google: Bloomberg LP vs Board of Governors of the Federal Reserve System, 08-CV-9595, US District Court, Southern District of New York (Manhattan)

Posted by: millionea7 | December 18, 2008 5:48 PM | Report abuse

After Mumbai attack sentiments were really negative in the stock market. Still BSE managed to touch 10K mark which is a great achievement and it shows the confidence of investors which they have in Indian economy.

Long way to go


ShareTipsInfo Team

e or there inner self is waking up??

What you have to say about it??, Looks like some political move is there!!

Now stock market will be affected by all political moves, though sentiments are not good but on technical charts market is quite bullish for very short term, still sentiments will effect Nifty movement. So all are advised to trade in small quantity and with strict stoploss till the picture is clear.

Regards Team

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Posted by: sharetipsinfo | December 19, 2008 7:09 AM | Report abuse

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